Protection Planning

Strategies to protect your financial stability

What's your plan when your health changes?

Regardless of your current life stage or health status, it's important to consider your level of preparation for an unexpected event. Taking the right steps now can help protect your assets and reduce the risk to the financial health of your loved ones.

A Closer Look at Life Insurance

The versatility of life insurance

Life insurance is a foundational part of your overall financial plan, and the right strategy can have benefits beyond providing for beneficiaries after your death.

  • Personal income replacement

    Life insurance is more than paying for immediate expenses after you pass. The right policy can provide for your family long term and offer stability in a difficult time.

  • Buy-sell agreements

    As a business owner, you can leverage the proceeds from a life insurance policy to fund a transition plan that clearly defines the protocol for transferring ownership shares.

  • Wealth transfer

    If you're a business owner or have complex blended family dynamics, wealth transfer can provide a simpler way to equalize assets to your beneficiaries.

A Closer Look at Long-Term Care

The importance of long-term care insurance

According to a report from the US Department of Health and Human Services, 70% of people who turn 65 will develop severe extended care needs in their future. Whether they appear gradually or suddenly, these circumstances can impact your living situation, financial picture and family dynamics. Implementing the right strategies—at the right time—can provide coordination and stability when it matters most.

Start open lines of communication

Talking about aging and its potential impacts can be difficult, but open conversations with your family and financial team can help provide peace of mind.

Ease the burden on loved ones

Long-term care insurance can help coordinate your extended care plan—and offset its cost—to reduce the emotional stress, administrative tasks and financial burden that may be placed on your family.

Give clarity with proper documentation

A core set of documents can help provide direction when the time comes to enact your extended care plan.

Maintain the lifestyle you want

Long-term care policies can help you decide on the right care location and provide you with the independence to live on your terms.

Protection Planning FAQ

People often ask us

Many people have multiple jobs throughout their lifetimes. Maintaining a personal life insurance policy—especially if you're healthy—may be more cost-effective than obtaining a policy each time you start a new job. In addition, personal policies don't have an employment requirement, which means you're protected from gaps in coverage when you change employers.

Long-term care policies can help cover personal custodial care services required to meet both medical and nonmedical needs, including help with activities of daily living, or ADLs. Examples of ADLs include eating, dressing and bathing. These services aren't typically covered by traditional health insurance policies.

Insights

A few insights for your financial plan

This material is for informational purposes only and is not intended to be an offer, specific investment strategy, recommendation or solicitation to purchase or sell any security or insurance product, and should not be construed as legal, tax or accounting advice. Please consult with your legal or tax advisor regarding the particular facts and circumstances of your situation prior to making any financial decision. While we believe that the information presented is from reliable sources, we do not represent, warrant or guarantee that it is accurate or complete.

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